Word: latinized
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Dates: during 1980-1989
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...write off $200 million of its total $1 billion in Third World loans and set aside $470 million to pay for losses it might sustain on the rest. While other banks, led by New York's Citicorp, announced huge set-asides earlier this year to cover losses on Latin debt, the Boston bank's move was the first time that a major lender had given up on such loans. The radical decision puts pressure on other banks to make similar admissions. That would be costly. If Citicorp were to cover its developing-country loans to the same extent, it would...
...same time, external forces have conspired to sap the city's corporate strength. In the past six years 23 of the city's 50 largest public companies have disappeared in a flurry of mergers and acquisitions. Ill-advised loans to Latin American countries backfired on BankAmerica Corp., once the nation's largest financial institution. The bank has eliminated almost 30% of its work force and auctioned off moneymaking assets; still it has not turned a profit in three years. Even Standard Oil, the state's largest company, has retrenched in its headquarters town. The decline of the city's corporate...
Miranda also detailed instances of alleged double-dealing by Noriega. He charged that the Panamanian general regularly informs Nicaragua's Chief of Army Intelligence Major Ricardo Wheelock of military movements involving the U.S. Southern Command in Panama, which is the U.S. military headquarters for Latin America. Miranda charged that last August, as relations between the Reagan Administration and Noriega soured, the Panamanian told Wheelock that he wanted to send arms through Nicaragua to the Salvadoran rebels. Miranda claimed that top Sandinistas approved the scheme, but he does not know if the shipment took place...
...expected any bold initiatives to come from the meeting. But at their conference in Acapulco last week, the Presidents of eight Latin American countries called for a sweeping overhaul of the Organization of American States, the Washington-based association of 32 hemispheric nations formed in 1948. Complaining that "for several years the OAS has not carried out its function efficiently," Mexican President Miguel de la Madrid asked for "a detailed re-examination and reinforcement" of that body...
...conference also called for a ceiling on the repayment of Latin America's $400 billion foreign debt -- much of it owed to U.S. banks. For all the tough talk, however, the meeting accomplished little. The eight countries at Acapulco -- Argentina, Brazil, Colombia, Mexico, Panama, Peru, Uruguay and Venezuela -- have no means of imposing their views on the other OAS members. Still, the likelihood of an increasing regional assertiveness at odds with U.S. policies and interests brought little comfort to Washington...